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Federal corporate income tax return. When the petition was
filed, petitioners’ principal place of business was located in
Louisville, Kentucky. Petitioners own the Churchill Downs
racetrack in Louisville, Kentucky, and three other race tracks.
Petitioners conduct live horse races, including the Kentucky
Derby, at their facilities. The races produce revenues through
pari-mutuel wagering (including simulcast pari-mutuel wagering),
admissions and seating, concession commissions, sponsorship
revenues, licensing rights, and broadcast fees. The main source
of petitioners’ revenues is wagers placed on horse races.
Petitioners do not directly compete with other racetracks
for local patrons because of the separation of facilities and the
differences in the seasonal timing of meets. However,
petitioners operate in a highly competitive industry. They
compete for patrons with other sports, entertainment, and gaming
operations, including land-based, riverboat, and cruise ship
casinos and State lotteries.
Petitioners’ biggest race is the Kentucky Derby. The
Kentucky Derby is held each year on the first Saturday in May.
Petitioners’ Kentucky Derby events include: The Sport of Kings
Gala, a brunch following the post position drawing for the Derby
race, a week long hospitality tent with coffee, orange juice, and
donuts for the press open from 4 a.m. to 9 a.m., the Derby race,
and the Kentucky Derby Winner’s Party.
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Last modified: May 25, 2011